CITIC Securities: Maintains "Buy" rating on Industrial Fulian, which holds a leading position in the world in the field of AI servers.

CITIC Construction Investment Securities research report pointed out that by 2024, the revenue of industrial wealth connection AI servers will increase by over 150% year-on-year, accounting for over 40% of the revenue from cloud computing business, becoming the core growth pole in the company's business portfolio. The company predicts that cloud vendor CAPEX intensity will not weaken in the next 3-5 years, and based on customer order visibility and demand, the company's order growth will be strong in 2025. The explosive growth of large model iteration and generative AI scenes is driving an exponential increase in computing power demand, and high-end AI servers as well as complete network and storage architecture will continue to play an indispensable role. The company holds a leading position in the AI server field worldwide, leading in shipment volume, and is expected to fully benefit from the rapid growth in the industry. Maintain a "hold" rating.